Stocks rose in early trading Monday after Abu Dhabi provided a surprise $10 billion bailout to Dubai to help with debt repayments.
The deal, which also sent world markets mostly higher, helped ease fears that the emirate of Dubai would default on its debt and usher in a new round of global credit problems.
Separately, Citigroup Inc. said it would paying back $20 billion in bailout money it received as part of the U.S. government's Troubled Asset Relief Program. The government will also sell its 34 percent stake in the company.
Last week, Bank of America Corp. repaid the entire $45 billion it owed U.S. taxpayers as part of TARP.
In other corporate news, Exxon Mobil Corp. said it would acquire XTO Energy for $31 billion in stock. The deal is part of Exxon's move to acquire valuable natural gas fields.
The Dow Jones industrial average rose 28.27, or 0.3 percent, to 10,499.77. The Standard & Poor's 500 index rose 5.31, or 0.5 percent, to 1,111.72, while the Nasdaq composite index rose 11.21, or 0.5 percent, to 2,201.52.
Yesterday’s Top Performing Small Cap stock:
Rival Technologies Inc. (OTC BB: RVTI) was a SmallCapVoice.com top performer yesterday closing up over 22% on trading volume of 1,556,344 shares.
Rival Technologies Inc. is pleased to announce it has signed the financing agreement previously announced November 11th 2009 with no dilution to existing shareholders.
The investment group led by Bridge Gap Konsult based in Calgary, Canada will provide project financing as detailed below over the course of the next 36 months. Funds from the non-recourse agreement will be advanced over three stages for continuous development of the TRU process from pilot to production.
The first stage, USD $6 million, is assigned to engineer, fabricate and operate, the previously announced one Barrel per day (Bpd), continuous feed pilot plant. Upon successful completion of Stage One, a further USD $16 million will be provided to engineer, fabricate and operate a Stage Two demonstration plant. The company is excited about the future prospects for the TRU process and will immediately begin to explore options available to it for securing a farm-in or strategic industry partner for the minimum fifteen Bpd demonstration facility.
Today’s SmallCapVoice.com Hot Stock to Watch:
Allegiant Professional Business Services Inc. (Pink Sheets: APRO)
Allegiant Professional Business Services Inc. announced as a result of high demand for its client benefit programs, it is offering enhanced health and insurance benefits for its 10,000 plus-employee client base.
"We began the benefit program several months ago," said CEO David Goldberg. "It has succeeded beyond our expectations."
Goldberg said APRO hopes to sign at least 25 percent of its employee client base to the programs.
The rates allow small to medium size businesses to offer benefits to employees who might otherwise lack coverage. "This is one of the further benefit services that Allegiant offers to its clients and client employees that distinguishes us from other professional employment companies," said Goldberg.
Allegiant Professional Business Services Inc. provides financial services to small and medium-size businesses, relieving our clients from many of the day-to-day tasks that negatively impact their core business operations, such as payroll processing, human resources support, workers' compensation insurance, safety programs, employee benefits, and other administrative and aftermarket services predominantly related to staffing -- staff leasing, temporary staffing and co-employment. We not only provide core services but a wide selection of employee and employer benefits and aftermarket products.
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